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The study's authors said their findings could change the standard treatment for avoiding amputations.
"(Fenofibrates) is the first therapy that has been shown to reduce these amputations," said Anthony Keech of the Royal Melbourne Hospital in Australia and one of the paper's authors.
Victoria King of the charity Diabetes UK said the study could help doctors find more ways of reducing diabetes-related amputations.
Fenofibrates can cause side effects including abdominal pain, nausea, pancreas and lung problems.
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